Explore the latest developments concerning Accountant Steven Bendel.
Accountant Steven Bendel wins landmark case against the ATO
Suburban accountant Steven Bendel has won a landmark tax avoidance case in the High Court over the Australian Taxation Office, with judges ruling on Wednesday that Bendel and his company did not owe more than $1 million in additional taxes, penalties and interest.
The decision that an unpaid entitlement from a trust to a company is not a loan for tax purposes has wide-ranging consequences for hundreds of thousands of taxpayers.
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High Court hands down significant Div 7A appeal decision
The High Court has published its appeal of the decision in Commissioner of Taxation v Bendel, which challenged the Tax Office’s longstanding views about the tax consequences of unpaid present entitlements owing to corporate beneficiaries.
The appeal in Commissioner of Taxation v Bendel was dismissed on Wednesday (10 June) morning, with the Full Bench of the High Court of Australia finding in favour of taxpayer Steven Bendel and Gleewin Pty Ltd, the trustee of the Steven Bendel 2005 Discretionary Trust.
The original appeal decision before the Full Court of the Federal Court of Australia determined that unpaid present entitlements (UPEs), arising from an entitlement to income of a trust, were not a loan under Division 7A of Part III of the Income Tax Assessment Act 1936.
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